ETC Technical Analysis: Range Below 200-day SMA Warns Correction

The technical analysis shows how the ETC price trend shifts sideways as it prepares to overtake sellers at $28, teasing a potential bullish breakout rally to $33. Key Technical Points: The ETC prices jumped by 7.03% in the last 24 hours. The consolidation range between $22 and $28 sustains between the 100 and 200-day EMAs. The 24-hour trading volume of Ethereum Classic is $907 million, indicating a drop of 0.12%. Past Performance of ETC As mentioned in our previous analysis, the ETC prices struggle to surpass the 200-day EMA at the $28 mark. The consolidation range forms with the support of the 100-day SMA and the $22 support level and has kept the trend constrained for the last week. However, the higher price rejection candles near the 200-day SMA reflect a stronger bearish position. Source – Tradingview ETC Technical Analysis The 8% growth overnight propels ETC prices higher within the range and undermines the bearish fall of 9% as the recovery regains bullish momentum. However, the failed bullish breakout attempts warn traders to wait for a price action confirmation. The market price of Ethereum Classic remains trapped within the 100 and 200-day SMA but influences positive growth in the 50-day SMA. Hence, the possibility of a bullish crossover between the 50 and 100-day SMA. The MACD and signals lines remain in a bullish alignment, but the declining trend in bullish histograms warns of a crossover event to change the trend....